Quantum Computing (NASDAQ:QUBT) Stock Price Down 10.7% – What’s Next?

Quantum Computing Inc. (NASDAQ:QUBT) traded down 10.7% on Wednesday . The stock traded as low as $16.01 and last traded at $16.55. 17,921,518 shares traded hands during mid-day trading, an increase of 76% from the average session volume of 10,154,294 shares. The stock had previously closed at $18.54.

Analysts Set New Price Targets

Separately, Ascendiant Capital Markets increased their target price on shares of Quantum Computing from $8.25 to $8.50 and gave the stock a “buy” rating in a research report on Wednesday, November 13th.

Quantum Computing Price Performance

The firm’s 50-day moving average price is $7.92 and its 200-day moving average price is $3.19. The company has a market cap of $2.42 billion, a price-to-earnings ratio of -64.66 and a beta of 3.07.

Quantum Computing (NASDAQ:QUBT) last announced its quarterly earnings results on Wednesday, October 2nd. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.02. The company had revenue of $0.18 million during the quarter.

Institutional Investors Weigh In On Quantum Computing

Large investors have recently modified their holdings of the stock. XTX Topco Ltd acquired a new position in Quantum Computing during the 3rd quarter worth approximately $46,000. Geode Capital Management LLC lifted its position in shares of Quantum Computing by 10.5% during the third quarter. Geode Capital Management LLC now owns 687,208 shares of the company’s stock worth $449,000 after purchasing an additional 65,486 shares in the last quarter. Finally, Virtu Financial LLC lifted its position in shares of Quantum Computing by 377.7% during the third quarter. Virtu Financial LLC now owns 60,557 shares of the company’s stock worth $40,000 after purchasing an additional 47,880 shares in the last quarter. Institutional investors and hedge funds own 4.26% of the company’s stock.

About Quantum Computing

Quantum Computing Inc, an integrated photonics company, offers accessible and affordable quantum machines. The company offers Dirac systems are portable, low power, and room temperature qubit and qudit entropy quantum computers (EQC); reservoir computing; remote sensing; and single photon imaging. It also provides Quantum random number generator (uQRNG), a portable device that provides genuine random numbers directly from quantum processes; and quantum authentication which eliminates vulnerabilities inherent in classical cryptographic schemes by offering a comprehensive entanglement-based quantum cyber solution that seamlessly integrates into existing telecom fiber and communication infrastructure.